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The demand for electricity is increasing at a considerable rate all over the world as it has become a basic need for living today. In order to satisfy the increased demand, there has been a shift towards utilizing renewable sources of energy for power generation. And as the energy generation using renewable sources is backed with the government's ambitious green energy targets, it has become a significant attraction for investors.
Distributed generation provides the advantage of energy generation from various sources like wind, solar, reciprocating engines, turbines, biomass, etc. Another advantage of distributed generation is the energy generation in isolated areas and avoid long route electricity supply lines. Microgrids are used to receive energy from various sources, and the required energy is used, and the remainder is transferred to the grid. The rest of the energy can also be stored for future use in batteries in case of off-grid systems.
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On the basis of the technology used for power generation, the global distributed generation market can be segmented into solar, wind, reciprocating engines, microturbine, gas turbine fuel cells, and others. The solar segment has dominated and will continue to dominate the power generation due to the cost reduction in the equipment over the years, and government subsidiaries provided for their installations. On the basis of application, the global distributed generation market can be segmented into on-grid and off-grid. The advantage of energy storage and cost savings are the factors influencing on-grid segment to hold a larger market share as compared to its other counterparts.
Based on end-user, the global distributed generation market can be segmented into industrial, commercial, and residential segments. The residential and commercial sector will dominate the market during the forecast period due to the increase in a number of residential rooftop solar installations, which are self-sufficient and cost-saving implementations in the present and upcoming commercial buildings.
The major market driver for the global distributed generation market is the increasing demand for energy around the world. The renewable sources of energy are gaining importance because of fewer carbon footprints and cost-efficiency. Also, the provision of government incentives and tax rebates over the installation of renewable sources has helped the global distributed generation market to grow.
The key market restraint for the global distributed generation market is the high cost of installation of the renewable sources of energy and high price involved in storing the generated power. Another factor which can hamper the growth of the global distributed generation market is the lack of awareness regarding the benefits of distributed generation and maintenance required for the sources of energy generation.
Some of the major companies that are present in global distributed generation market are Schneider Electric, Siemens Energy, GE, ABB, SMA Solar Technology AG, Bloom Energy, Mitsubishi Heavy Industries, Capstone, Caterpillar Inc, Ansaldo Energia, FuelCell Energy, Cummins, Ameresco, and MP2 Energy LLC.
· Solar PV
· Reciprocating Engines
· Gas Turbines
· Fuel Cells
- Oil & Gas
- Power Generation
- Manufacturing & Process Industry
· North America (The USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
As the developed and the developing countries have drifted towards the use of renewable sources of energy to reduce the carbon emissions, the global distributed generation market has now been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific holds an enormous opportunity for the distributed generation market during the forecast period owing to the rising energy demand and increased adoption of the renewable sources of energy. China is the largest producer of solar energy and biogas energy, followed by Japan and India, respectively. The primary factor driving the growth is the increased urbanization, rise in population and government initiatives to switch from conventional energy sources to renewable energy sources. Europe is the region which currently generates maximum power using renewable sources, and therefore, the global distributed generation market has opportunities in European countries which are still switching towards renewable sources. In North America, government initiatives to promote renewables has seen an increase in distributed generation in the region. Similarly, the switch to solar, wind, and other sources of energy in Latin America and the Middle East will drive the global distributed generation market in these two regions.
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